Finances & Money

How to come up with business ideas that could create the next millionaires

If you had told someone twenty years ago that a company whose core business is to make available a platform where people would post details about their lives like what they are doing, eating, and feeling, people would have dismissed you as a joke. Today, Facebook has created billionaires and inspired others to create website for company and offer services on demand.

Facebook and other amazing start-ups like NING, Uber, MailChimp are certainly not the last to disrupt the market; the future still holds great promise for those willing to think out of the box and create business ideas to meet demand going into the future. We look at things you need to do to come up with business ideas that could place you in the league of future millionaires.

 

  • It doesn’t have to make sense

 

If you look at all the innovative business ideas right from the airplane to Facebook, you will notice that they didn’t make sense when conceptualized. For instance, there is the popular legend that when the Wright brothers introduced the idea of an airplane, people laughed and said, “If God wanted us to fly he would have given us wings.”

 

  • Solve real challenges

 

Another common element of all businesses that have changed the world from Google to Apple is that they attempt to solve real challenges. People have different challenges in different parts of the world. Farmers are looking for novel ways to keep an eye on their fields, housewives want to save on the cost of cleaning their homes, and companies want to have a business website that is easy to navigate and lead to sell their products. All these are real challenges that need solutions.

Getting an idea of real challenges could actually start with you looking at the challenges that you, personally, face. For instance, you may be facing a problem linked to deciding which public transport system is the cheapest for getting to a particular place and think an application to do this comparison may be a good idea.

Many people don’t have an idea about the direction where their finances are moving. You may want to consider an application that allows individuals to enter data linked to amounts coming and going out of their bank accounts and gives them an idea of their financial wellbeing.

 

  • Anticipate required skills

 

A good example of an emerging skill is understanding how to trade and make money dealing in cryptocurrencies. Those who have skills linked to blockchain and servicing hardware used in cloud mining are making a lot of money. You may also think about issues that will emanate from driverless cars, smart homes, and people starting to work from home.

 

  • Create a business plan

 

Once you have decided on the problem you want to solve, it’s time to create a business plan. This will help you anticipate challenges and find creative ways of solving them. As time passes, your idea will refine itself and could become the next big thing.

 

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Susan Paige

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